Clients who are in their 40s are advised to maximize their income to ensure they get the most of Social Security benefits when they start collecting them in retirement, according to The Motley Fool. They also need to max out contributions to traditional IRA, 401(k) and other employer-sponsored savings plans. Contributing to a Roth IRA is another good option if they want to receive tax-free income in retirement. – Motley Fool

Taxpayers can expect their tax deduction for traditional IRA contributions can be affected if they are stashing funds in a 401(k) plan, according to MarketWatch. However, 401(k) participants are still eligible to contribute to a Roth IRA. Depending on their age retirement savers can contribute up to $5,500 or $6,500 year if they are single filers with an annual income between $116,000- $131,000 or joint filers with income within $183,000-$193,000.– MarketWatch

Seniors are advised to pre-plan their funeral if they remain single and expect no survivors when they die, according to Forbes. They are also advised to share their last wishes with friends and other people who care about them. They need to be wise when pre-paying their funeral services and other arrangements after they depart from this world.—Forbes

Although they carry heavy student loan debt, a young couple has managed to build their nest egg by starting saving early and signing up for the automated contribution and escalation of their contributions to their retirement plans, according to Money. “The whole experience has been pretty painless. In fact, it took a couple of paychecks for me to notice that the auto-increase had kicked in,” the wife says.—Money

People who want to retire at an early age may use the massive investments method, which will require them to invest $2,000 every month to end up with $1 million in their retirement portfolio, according to DailyFinance. Another strategy allowing clients to retire early is the cash flow method, which will require them to make investments such as buying real estate property that will yield income for them after they retire. The currency coasting method is another strategy for those who want an early retirement, in which they will relocate to another country with lower cost of living.—DailyFinance